Truly affordable housing experiment in Vancouver
Frank Murphy — July 28, 2010
Vancouver journalist Frances Bula in Monday’s Globe and Mail described an innovative new affordable housing initiative in Vancouver’s Downtown Eastside. It’s a project by the people behind the Woodward’s redevelopment and includes some interesting elements like no parking and owners perform some of the building maintenance themselves. They claim a couple with two minimum wage paychecks could carry the mortgage. Habitat for Humanity and an arm of Vancity Credit Union and a neighbourhood housing group are involved.
One thing I found of particular interest: it’s estimated that it costs between $30,000 – $40,000 to build a single parking stall.